Mexican bank and FM-3 status

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I was told the same thing at the bancomer (in san cristobal d.l.casas) when i tried to open an account last year. I first needed my FM-3 and there was no way around it till I had the proper visa...eventually one of my close friends who lives there with her FM-3 opened one up in her name for me so I could wire funds to complete the work on my house...we each hold the atm card for it...if you have a trusted friend in your area, this is a good way to go as an alternative.

Mexican bank and FM-3 status

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I had friends about 25 years ago who had an account in a bank in Mexico and never lived there. They had it especially because back then it paid such high interest. Every couple of years they would go down and get part of it. It was an account where you had to leave it in there for a certain amount of time in order to get the higher interest. <p>I also opened an account in Moroleon Gto two different times when I was down. I was only there for a month. The only problem I had is that one of the banks had a debit card come up for renewal at a certain time every year. If you weren't there at that time you couldn't get another debit card. I was never asked for any kind of papers as to my status in Mexico at either bank. <p>: I was told by a clerk in a bank in Oaxaca that in order to open a checking account I needed to have FM-3 status. Can anyone confirm if this is true?<p>: Thanks.<p>: Tim<p>

The rules are not national policy

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Every bank has it's own rules. I got my account with a tourist visa. I did have to have proof of "domicilio" (proof of where you live like with an account with the CFE, Telmex or the water department), a passport and my current FM-T.

The rules are not national policy

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The original question has been a source of frustration for many. The reason for the confusion is that an FM-3 RENTISTA visa, the most common FM-3 specifically allows you to bring money from 'overseas' and live off the interest from it. So a cautious somewhat terco bank executive may insist on an FM-3, because it is the safe bet. Of course, the other FM-3's besides RENTISTA and all the FM-2's don't necesarrily mention this. Other 'national policy' (actually, it is called the Ley General de Poblacion) says that a foreigner cannot do any activities not explicitly permitted by their visa. A TOURIST visa doesn't have any language regarding except what one expects for a short term vacation stay. So it is easy for misinterpretation. I firmly have believe, though I have not investigated this ad naseum, that as Esteban mentions, one can open an account. (Note: I seem to recall Esteban lives in the border zone. Banking and Commerce laws are different there regarding what is needed to open an account. Foreigners have less problems and Mexican can open US dollar accounts which is not easy or possible in the interior. The sticky situation comes regarding the tourist visa (or other lesser than FM-3) on whether you have the right to receive interest, as that could be considered as a 'lucrative activity' not allowed by the tourist visa. To which I inevitably would argue with the bank executive and show him Article 66 of the General Population Law (Ley General de Poblacion), to be told anyway that they weren't going to do it (my translation below): Art. 66.- Los extranjeros independientemente de su calidad migratoria, por sí o mediante apoderado podrán, sin que para ello requieran permiso de la Secretaría de Gobernación, ADQUERIR VALORES DE RENTA FIJA O VARIABLE Y REALIZAR DEPOSITOS BANCARIOS, así como adquirir bienes inmuebles urbanos y derechos reales sobre los mismos, con las restricciones señaladas en el art. 27 constitucional, en la Ley para Promover la Inversión Mexicana y Regular la Inversión Extranjera y demás leyes aplicables.<p>Article 66.- Foreigners, independent of their migratory status, by themselves or utilizing someone else they have given a Power of Attorney, without requiring the permission of the Secretaria de Gobernation, ACQUIRE FIXED OR VARIABLE INTEREST BEARING SECURITIES, as well as acquire urban real estate and rights over the same, with the restrictions mentioned in Article 27 of the Mexican Constitution, in the Law for the Promotion of Mexican Investment and Regulation of Foreign Investment, and other applicable laws.<p>The possible weakness of my argument (though no one has yet pointed it out in the banks) is that bank regulation and security regulation have some differences in regulatory competencies. I would be quite surprised if this were noted in the frindly branch of Bital. And once clerks and managers get going on 'policy' I would be shocked if they changed their mind. Good luck, I'm rooting for you to get the account at your convenience! Best...David(MTY) <p><p> : Every bank has it's own rules. I got my account with a tourist visa. I did have to have proof of "domicilio" (proof of where you live like with an account with the CFE, Telmex or the water department), a passport and my current FM-T.<p>

bank deposits

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In the English version of LGP Article 66, I inadvertantly omitted after the capitalized for emphasis: ACQUIRE FIXED OR VARIABLE INTEREST BEARING SECURITIES, AND MAKE BANK DEPOSITS.<p>The ommision was because I was too busy with the potential distinction of Securities (Valores) vs. Bank Accounts (Cuentas Bancarias). It is strange language anyways, which could be interpreted the deposits are payments to Mexican accountholders, but not one's own account. After all, withdrawals aren't mentioned...<p>However, the fine points don't seem as important since the FM2 and FM3 categories don't generally have explicit permission for bank accounts either. That leaves any reasonable interpretation to conclude that Article 66 securities (valores) covers bank accounts. Perhaps the banks will get it right one of these days. Best...David(MTY)<p> : The original question has been a source of frustration for many. The reason for the confusion is that an FM-3 RENTISTA visa, the most common FM-3 specifically allows you to bring money from 'overseas' and live off the interest from it. So a cautious somewhat terco bank executive may insist on an FM-3, because it is the safe bet. Of course, the other FM-3's besides RENTISTA and all the FM-2's don't necesarrily mention this. Other 'national policy' (actually, it is called the Ley General de Poblacion) says that a foreigner cannot do any activities not explicitly permitted by their visa. A TOURIST visa doesn't have any language regarding except what one expects for a short term vacation stay. So it is easy for misinterpretation. I firmly have believe, though I have not investigated this ad naseum, that as Esteban mentions, one can open an account. (Note: I seem to recall Esteban lives in the border zone. Banking and Commerce laws are different there regarding what is needed to open an account. Foreigners have less problems and Mexican can open US dollar accounts which is not easy or possible in the interior. The sticky situation comes regarding the tourist visa (or other lesser than FM-3) on whether you have the right to receive interest, as that could be considered as a 'lucrative activity' not allowed by the tourist visa. To which I inevitably would argue with the bank executive and show him Article 66 of the General Population Law (Ley General de Poblacion), to be told anyway that they weren't going to do it (my translation below): : Art. 66.- Los extranjeros independientemente de su calidad migratoria, por sí o mediante apoderado podrán, sin que para ello requieran permiso de la Secretaría de Gobernación, ADQUERIR VALORES DE RENTA FIJA O VARIABLE Y REALIZAR DEPOSITOS BANCARIOS, así como adquirir bienes inmuebles urbanos y derechos reales sobre los mismos, con las restricciones señaladas en el art. 27 constitucional, en la Ley para Promover la Inversión Mexicana y Regular la Inversión Extranjera y demás leyes aplicables.<p>: Article 66.- Foreigners, independent of their migratory status, by themselves or utilizing someone else they have given a Power of Attorney, without requiring the permission of the Secretaria de Gobernation, ACQUIRE FIXED OR VARIABLE INTEREST BEARING SECURITIES, as well as acquire urban real estate and rights over the same, with the restrictions mentioned in Article 27 of the Mexican Constitution, in the Law for the Promotion of Mexican Investment and Regulation of Foreign Investment, and other applicable laws.<p>: The possible weakness of my argument (though no one has yet pointed it out in the banks) is that bank regulation and security regulation have some differences in regulatory competencies. I would be quite surprised if this were noted in the frindly branch of Bital. And once clerks and managers get going on 'policy' I would be shocked if they changed their mind. Good luck, I'm rooting for you to get the account at your convenience! : Best...David(MTY) <p> : : : Every bank has it's own rules. I got my account with a tourist visa. I did have to have proof of "domicilio" (proof of where you live like with an account with the CFE,

Mexican bank and FM-3 status

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What you were told is the national policy.<p>A couple of years ago when I was making arrangements for my move to Mexico, I tried to open an account here. A clerk told me that I could not do so until I had my FM3 and was actually living in Mexico. That sounded a little strange, so I asked the bank manager who confirmed the policy. He explained that since the drug money laundering scandal of a few years ago, Mexican banks have tightened their rules.